The Consortium led by Eraaya had submitted a bid to acquire 100% Equity of Ebix Inc. during June 2024, which had been subsequently approved and accepted as the highest and best bid for Ebix Inc and eventually declared as the winner following the auction process overseen by the U.S. Bankruptcy Court at an ascribed enterprise value of USD 361 Million (Rs 3,009 crore approximately).
The acquisition, to be effectuated through a Plan of Reorganization proposed under the Chapter 11 proceedings, went through the negotiations among the consortium, Ebix, and Ebix's creditors and other stakeholders. The U.S. Bankruptcy Court had earlier allowed the Plan of Reorganization to be sent to creditors for voting and scheduled a hearing to consider approval of the plan, which has finally got through the steps involved in the process with the final approval submitted and finally approved at the Relevant Courts.
The acquisition includes 100% of the equity in Ebix by the Consortium which includes assets and certain liabilities in the worldwide subsidiaries of Ebix.
Whereas The Consortium has already deposited an amount of USD 56.327 Million (Rs 466.95 crore Approx) till date, and the balance Final Payment USD 95.25 (Rs 789.60 crore Approx) will be made within August 2024.
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